Viking Fund Management LLC Purchases New Holdings in Fervo Energy Company $FRVO

Viking Fund Management LLC purchased a new stake in Fervo Energy Company (NASDAQ:FRVO) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 60,000 shares of the company’s stock, valued at approximately $815,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sax Wealth Advisors LLC acquired a new stake in shares of Fervo Energy during the 3rd quarter worth approximately $154,000. Corient Private Wealth LP bought a new stake in shares of Fervo Energy in the 2nd quarter valued at $229,000. Engineers Gate Manager LP bought a new stake in shares of Fervo Energy in the 2nd quarter valued at $272,000. AXQ Capital LP acquired a new position in shares of Fervo Energy during the 2nd quarter valued at $499,000. Finally, Green Alpha Advisors LLC acquired a new position in shares of Fervo Energy during the 3rd quarter valued at $843,000.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FRVO. Morgan Stanley raised shares of Fervo Energy to an “overweight” rating in a research note on Tuesday, September 1st. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Fervo Energy in a research note on Tuesday, June 23rd. Piper Sandler reiterated an “overweight” rating on shares of Fervo Energy in a report on Tuesday, June 23rd. Weiss Ratings began coverage on shares of Fervo Energy in a report on Tuesday, August 18th. They set a “sell (d)” rating on the stock. Finally, Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and cut their price objective for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.87.

Fervo Energy Stock Down 8.7%

Shares of NASDAQ:FRVO opened at $10.94 on Thursday. Fervo Energy Company has a twelve month low of $10.85 and a twelve month high of $42.65. The stock’s 50 day moving average price is $16.66. The company has a current ratio of 8.62, a quick ratio of 8.62 and a debt-to-equity ratio of 0.08.

Fervo Energy (NASDAQ:FRVO) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The company had revenue of $0.11 million for the quarter. Equities analysts anticipate that Fervo Energy Company will post -0.54 EPS for the current fiscal year.

About Fervo Energy

Fervo Energy is a geothermal energy company focused on developing enhanced geothermal systems (EGS), which use horizontal drilling and hydraulic stimulation techniques to access heat in underground rock and produce electricity. Its approach is designed to expand geothermal generation beyond locations with naturally occurring conventional geothermal resources.

The company develops geothermal projects, including Project Red in northern Nevada and the larger Cape Station project in southwestern Utah.